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OpenSea Rolls Out New Features for Creator NFT Drops



Former OpenSea Product Manager Nathaniel Chastain Convicted for Insider Trading

The largest non-fungible token (NFT) marketplace OpenSea has rolls out a suite of new tools for its OpenSea Drops product and a 3hrs Hold Period to keep scammers at bay.

The official Twitter account of OpenSea, on Thursday, February 2nd, announced that the team had released the second phase of features on OpenSea Drops that enables creators to drop their collections on the world’s largest NFT marketplace in a frictionless manner.

OpenSea Ramping Up its NFT Empire

OpenSea is already an NFT beast generating more than $5 billion in total trading volume in January, and continues to introduce innovative tools and features to reach new highs.

The marketplace introduced its OpenSea Drops feature in June 2020. It was like the first version of its drop feature. The product has been available to some selected partners, as the company said:

“The first version of Drops offered select partners the ability to launch their collections in partnership with OpenSea — including an immersive drop experience to showcase their project, brand, and art.”

According to OpenSea, creators earned $1.1 billion from creator fees as of November 2022. To further empower creators, the team is rolling out the next phase of the “Drops” product.

The former chief financial officer of Lyft and OpenSea stated that it was time for him to come ashore from open seas.

The NFT giant noted that it had worked with 20 teams for the past few months to make this happen. The new release will provide creators with a best-in-class drops experience that includes features like multi-stage minting phases, allowlist support, and rich storytelling elements.

The next phase of rollouts will give creators all the self-serve tools, which include deploying smart contracts across all supported EVM chains, configuring drop mechanics, personalizing landing pages using self-serve WYSIWYG editing tools, and more.

OpenSea will continue to add more features as the new Drop experience gradually opens up to select creators in the coming weeks before eventually opening up to the public.

OpenSea Introduces 3hrs Hold Period

In other developments, the marketplace developer has introduced 3hrs hold period to mitigate theft-related risks. Sellers will be prevented from accepting offers on certain items for 3 hours after some transfers and sales.

The “Delegate Cash” platform will be leveraged to keep the NFT trading experience streamlined. According to OpenSea:

“Why 3 hours? Speedy transfers and resales through offer acceptances can indicate suspicious activity. This timeframe helps OpenSea, our community, and theft victims detect stolen items while also lessening the chance that buyers end up with an item that’s later reported stolen”.